Quickly get control over your finances and lower your stress.
Business owners always have a million things to do. With "not enough hours in the day", bookkeeping can become a bottleneck slowing down a company from serving more clients, or resulting in sacrificed evenings and weekends when the owner does it themselves.
Few things are more stressful than having a bookkeeping mess on their hands.
Sometimes they get into a financial mess when their old bookkeeper got it all wrong. Other times it's because they've been doing it themselves and no longer have the time to stay on top of all the work.
Common signs you might have a bookkeeping problem:
Uncertainty about making payroll payroll
Falling behind on HST or payroll taxes
Finances and administration tasks are taking up too much of your time
The stack of receipts on your desk keeps growing
The only financial visibility you have is the amount of money in your bank
The list goes on. When you have a bookkeeping mess, it always feels like you're playing catch-up and never know where you stand financially.
Step 1: Commit to Fixing the Mess
How you got into this mess doesn’t matter. What matters is that you commit to getting control over your finances before you drown.
Ignoring the problem will only make it worse. So commit to taking action ASAP and follow through with it! After all, often the greatest thing we have to fear, is fear itself!
Step 2: Find an Expert
Obviously the easiest and fastest way to fix your problem is just handing the work off to a professional who will take care of everything for you.
However, even if you're a DIY type of person, then it's typically still a great investment to find a bookkeeping expert that get the broad strokes of your situation sorted out quickly and put you on a solid path for handling the work yourself.
Working with a bookkeeping expert usually costs less than trying to do it yourself, when you consider that your time is probably best spent serving customers and finding more business. This is particularly true when it comes to complex issues like setting up systems, establishing processes, and training your staff.
A professional might be able to complete a task in minutes what would take you hours.
Even if you're on a tight budget, working with an expert is an important first step. Perhaps most importantly, is the massive boost you can get from working with someone and knowing they have your back if you ever get stuck.
Step 3: File your taxes on time (even if you can’t pay)
Penalties and interest on HST or payroll can be devastating because of the high interest and penalties.
So, even if you don’t have the money to pay your taxes, it’s important that you file your taxes on time. Doing this will ensure you don’t waste more money unnecessarily.
Step 4: Use Great Accounting Tools
There’s amazing technology that can really make your financial and administration easier.
It’s often not just a matter of having your business running on QuickBooks Online or Xero. But building a system customized to your specific needs by taking advantage of the world of extensions available on the QBO App Marketplace and Xero App Marketplace.
These tools can have a powerful impact on simplifying your processes, keeping you organized and eliminating data entry, so implemented them right away!
Step 5: Setup & Follow Processes
Bookkeeping for small companies is often doing the dishes. If you do a little bit every day it’s not a big deal. But if you let them pile up, you soon have a real mess on your hands.
Simple changes to how you do things can have an out-sized impact on your effectiveness. Even basic bookkeeping processes could make your life so much easier, such as:
Have separate bank and credit card accounts used exclusively for your business
Get data feeds for bank and credit card accounts into your accounting software
Reconcile your accounts regularly
Digitize bills so none get lost
Use a task list and schedule deadlines to avoid missing important tasks and incurring penalties
Most importantly, follow your schedule so you stay on top of your books and they don't become a mess again.
Closing Thoughts
All the stress your bookkeeping mess has been causing you can quickly be put to rest if you just follow these simple steps.
And if you are still having problems, are feeling overwhelmed, or just need an expert to just cleanup the mess for you, then please book a time when we can chat.
Our mission is helping Canadian businesses owners work less hours & make more money so they can finally enjoy life.
Pristine Ledgers also makes it easy to leave your bookkeeping mess behind you – FAST!
